asked the Minister for Finance whether he is aware that many merchants throughout the country who sell goods on the hire-purchase system and are financed by hire-purchase companies have been at a considerable loss owing to the fact that during the period June to October 1963 they sold numbers of articles on hire-purchase and that, although the goods were in possession of the purchasers, the hire-purchase finance companies did not forward the necessary finance to the merchants until after 1st November 1963, when the merchants concerned had to pay turnover tax on the goods sold; and whether he will have this matter investigated and a rebate of tax paid to merchants where the goods were in fact sold prior to 1st November 1963.
Ceisteanna—Questions. Oral Answers. - Turnover Tax on Hire-Purchase Sales.
5.
I have had no representations regarding any case such as is described in the question.
In fact turnover tax is not payable on payments so far received after 1st November for goods purchased before 1st August last. As regards goods purchased between that date and 1st November, merchants had ample opportunity to adjust their prices to cover the tax or to arrange with the hire-purchase finance companies to make payment before 1st November, and thus avoid tax liability.